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AskDON Library

The informal AskDON Coaching Program is a valuable benefit for PLATINUMmembers and the AskDON Library is a benefit for both Professional and PLATINUMmembers.

PLATINUMmembers are able to connect personally with Don Connelly to ask him for help with challenges they are experiencing in their business. Don will answer in a personal email, a phone call, and sometimes will post an audio recording with his answer. It is a great way to get insights and support from one of the industry's top trainers for Financial Advisors.

Professional Members have access to listen to Don's replies (a list of all available episodes below) but only PLATINUMmembers can ask Don their coaching questions directly by clicking the button below.

I received an email from a new Advisor in the greater St. Louis area. He is determined to succeed and he hates the continual rejection prospecting brings. Do I have a way he can sublimate his distaste of rejection to his desire to succeed?

This month’s Ask Don is a great example of focusing on what Dave Hubbard of Exemplar Financial calls a Most Valuable Activity. An Advisor who is not a subscriber sent me an email after I spoke at his regional meeting. He asked me to give him one Most Valuable Activity to concentrate on.

My name is Scott and I am a fairly new Advisor. You once made the comment that everyone loves potential. Thank you for that. I would like to know what your thoughts are on high net worth people that already know me. They know that I am newer to the business but do understand my work ethic and my ethical standards. How do I approach them to earn a portion of their business or to convince them to allow me to share some ideas?

Don, you mentioned in one of your webinars that talent by itself means nothing. The key is to develop that talent into a skill. In your opinion, what is the most under-appreciated skill among great Advisors?

I was in Texas recently and heard one of the most emotional stories I have ever heard. It’s a story an Advisor uses to explain his mission as a Financial Advisor. He tells the stories to his clients.Running Time: 1:13

I received a phone call from an Advisor asking me about separating himself from the competition by means of having a better service model. What are other Advisors doing? Do I have examples of great service? Yes, I do. Let me read you an email from a wholesaler I was working with lately.Running Time: 2:22

I am coaching an Advisor who is in an all-too-familiar dilemma. She is so anxious to build her business that she is willing to do business with practically everyone. She wants clients and she wants assets and she is not setting a high bar for entry. As a result her clientele is a mishmash of personalities. She likes most of her clients, but she has a few she really dislikes. Her question is simple. “How do other Advisors draw the line?”Running Time: 2:36

Trevor, a Platinum subscriber from Los Angeles, has asked me about defending his fees.As you most certainly know, I love storytelling. Our brains are wired to react to good stories and good stories can move people to action. Perhaps the best argument in favor of fees came to me in the form of a story.Running Time: 2:14

I have in front of me an email from a Platinum Subscriber who hits on a problem far more prevalent than you might imagine. The Advisor states that he struggles with explaining his fees without a bit of embarrassment. He stumbles when he should be cogent and fluid.Running Time: 2:10

A Platinum subscriber in Texas emailed a question about the first meeting. “What’s the best way to frame the first meeting? By that, I mean I don’t want to scare people away with a million questions and a ton of material. Running Time: 1:08

The Robo-Advisor is not your competition, it is not your enemy and it is not a threat. People using Robo-Advisors are not going to put you out of business any more than people brushing their teeth are going to put their dentists out of business.Running Time: 2:23

A newer Advisor wrote to me this month to tell me she’s struggling with controlling her clients’ emotions in turbulent markets. Her biggest challenge is overcoming certain clients wanting to go to the sidelines in turbulent markets, with the plan of getting back in when things are less volatile. What should she say to them?

Don, I know that a word picture is better than a lecture. What’s your favorite story or analogy when talking about volatility?

Well, you are probably not surprised to hear that my favorite analogy is the simplest one I know. This is an analogy that is never understood; has withstood the test of time and is perfect for the occasion.

“Don, I am having trouble getting people to open an account because of the uncertainty in the markets. I have made myself clear about the need to put their money to work and they agree. However they are going to wait until things improve. Help!”Running Time: 2:25

I was in Houston this month. A Wells Fargo Advisor asked me about maintaining composure in difficult times. What two or three techniques could I suggest? Here then are the most basic suggestions I can make.Running Time: 1:35

Discuss with your client up front how they intend to communicate with you. Then you can both decide what deserves an email and what deserves a phone call. Phone calls are generally better. Face-to-face is best.Running Time: 1:56

Don shares an exercise to help you become a better listener. There is a lot you miss when you focus on your response instead of what your client is trying to say. Focus on the speaker, don't edit what is being said and show respect. This will help you to formulate the best possible answer and give your client what they are looking for.

Clients want to get to know the real you. You are always going to know more than the client, so don't overwhelm them with too much information. They want to trust you, but they can't trust you until they get to you know you.Running Time: 2:42

We all lose clients. Take the time to figure out if this is a one-time instance or if there is something off in your business model. Make sure you are meeting or exceeding your clients expectations, then move on and focus on the clients who trust you.

Getting clients to make a decision now as opposed to in three months relies on the relationship that you have cultivated. The person must like you, they must trust you and they must think that your recommendations are on the money.Running Time: 4:08

Imagine what you want and work backwards. Figuring out what you want will help guide you in how to get there. Set aside structured time to work towards the end result through prospecting, creating a client sheet, value statement, etc.and you will find that the time you set aside will be worth it in the end.

People don't buy what they don't understand. It's up to you, as their Advisor, to explain every nuance and detail so that your clients are comfortable moving forward with your suggestions for their future.Running Time: 2:32

We know nothing works in the short term. We also know that the long term works itself out. You can't control the market, only your reaction to it. Think long term, not short term. The trend is always up.Running Time: 3:50

Don't let unruly clients get to you. Ask them for a solution and hear them out. Sometime personalities clash and you have to make the decision to continue to the relationship or move on. Running Time: 2:11

Always keep in mind how important you are. Anyone can choose an investment type, but your ability to process all of the information and make an informed decision comes at a cost. The value that you add as their Advisor is worth the fee. Running Time: 1:39

Achieving financial success does necessitate sacrificing instant gratification. Doing this takes discipline and vision and it's up to you, the Advisor, to help your clients have patience and see long-term.Running Time: 1:53

Don't wait to engage your clients on the topic of Alzheimer's. Most people don't know where to start when they are presented with this diagnosis.Be knowledgeable and alert your clients to the necessary facts before someone else does. Running Time: 1:40

Asking for help is a hard thing to. It's like admitting your business is deficient in some manner. You have to move past the aversion to asking for help and realize that asking for referrals is one of most rewarding prospecting techniques.Running Time: 2:03

Many Advisors experience slumps in business. The two best suggestions I can give to stay on track is to create a repeatable process and set a primary goal of getting appointments. These two things will drive your business and keep you on track. Running Time: 3:34

Show your center of influence why they should do business with you. You have to earn the business and Advisors will do business with you if they like you, trust and think you're smart.Running Time: 5:22

Advisors can't control events, they can only react to events that are happening. Setting money goals long term may start to work against you. Think in terms of client acquisition and update your goals as often as you need to adjust to changes in the market and you will see the money begin to appear.Running Time: 1:57

People who are worried about fees are price shopping. If you want to compete with a competitor with cheaper fees, you have to make pricing either irrelevant or of lesser importance. You need to show people that they need you to succeed. Running Time: 2:35

A client’s expectations are his vision of the way things will be down the road, based upon how he or she interprets what you have said. It is up to you to establish reasonable explanations and to make sure those expectations don’t change without your permission.Running Time: 2:32

Often, by the time you call for a follow-up appointment, prospects have lost their enthusiasm. They don’t respond to your request for a callback. Why is that and what can you do about it?Running Time: 3:31